The Offering will consist of (i) up to 1,560,000 hard dollar units (the "HD Units") at a price of C$0.75 per HD Unit (the "HD Offering Price") for gross proceeds of up to C$1,170,000; (ii) up to 1,333,333 flow-through units (the "FT Units") at a price of C$1.11 per FT Unit (the "FT Offering Price") for gross proceeds of up to $1,480,000; and (iii) up to 267,175 Manitoba flow-through units (the "MB FT Units") at a price of C$1.31 per FT Unit (the "MB FT Offering Price") for gross proceeds of up to $350,000.
Each HD Unit shall consist of one common share and one-half of one transferable common share purchase warrant (each whole such common share purchase warrant, a "Warrant"). Each FT Unit and MB FT Unit shall consist of one flow-through common share and one-half of one transferrable Warrant to be issued on a non-flow-through basis. Each Warrant shall be exercisable into one additional common share (a "Warrant Share") for two (2) years from closing (the "Expiry Date") at an exercise price of C$1.10 per Warrant Share. The Company has the right to accelerate the Expiry Date if, at any time, the volume weighted average price of the common shares on the principal exchange or market on which the common shares trade is equal to or greater than $1.50 for 10 consecutive trading days ("10-Day Period"). In the event of acceleration, the Expiry Date will be accelerated to a date that is 30 days after the Company ...
